The earnings gains came despite increased volatility in financial markets in the first half which company chairman Victor Li expects to continue for the rest of the year.

January-June profit reached HK$18.02 billion ($2.3 billion), compared with HK$15.92 billion profit for the same period a year earlier.

Total revenue rose 16 percent to HK$224.51 billion. It declared an interim dividend of HK$0.87 per share, up 11.5 percent from a year ago.

“Mounting trade conflicts, uncertainty as to economic and interest rate policies, as well as continuing geopolitical risks have led to increasing financial market volatility in the first half,” Li said in a statement.

“Volatility in currency, commodity and financial markets is expected to continue in the second half, as trade tensions are unlikely to ease off in the short term,” he added.

Shares of CK Hutchison ended down 2.4 percent to a two-week low on Thursday ahead of the results.

Hong Kong’s richest man, Li Ka-shing, announced in March his retirement as chairman of CK Hutchison and real estate arm CK Asset, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub.

Li retired after the annual general meeting on May 10, passing the mantle to his eldest son Victor Li, who was named successor several years ago.

The conglomerate made 47 percent of its revenue in Europe in the first half of 2018, while Hong Kong and mainland China contributed 19 percent, and Canada 12 percent.